Eleven Hong Kong tycoons who have been awarded a slice of the institutional share allocation for China Merchant Bank's (CMB) US$2.4 billion IPO are receiving preferential treatment by not having the size of their orders capped or tied to a lock-up period. The news emerged after bookrunners for the deal placed a US$100 million limit on institutional orders in response to soaring demand, the South China Morning Post reported. However, sources close to the deal said the absence of a cap didn't mean the tycoons would get all the shares they ask for. Cheung Kong owner Li Ka-shing, Cheng Yu-tung of New World Development and Henderson Land Development's Lee Shau-kee are among these corporate investors singled out for special treatment. CMB will start trading on September 22.